Making a Will is a crucial step in securing your legacy. First, estimate your estate’s value. A great method involves listing all your assets and debts. This makes getting an accurate estimate much easier. Regularly review your estate’s value too, as asset or debt values can change over time.
Understanding Your Estate’s Components
Your assets may include:
- Your house or any other real estate you own.
- Money or savings in bank or building society accounts.
- Insurance, such as life insurance policies.
- Pension funds.
- Investments, like stocks and shares.
Your debts may include:
- A mortgage.
- Loans.
- A bank overdraft.
- A credit card balance.
Once you list your debts and assets, and understand your estate’s contents, decide what happens to it. You have many options. Consider these few things:
- Who should benefit from your testament? Do you have specific people in mind, or a charity you particularly favor?
- Do you wish to bequeath any specific items to particular individuals? For instance, you might want to leave your best china to a good friend.
- What happens if any of your chosen beneficiaries die before you do? For guidance on managing beneficiaries, explore our article on Naming Beneficiaries in Your Estate Plan.
Leaving Charitable Gifts in Your Testament
If you admire a charity or one has played a large part in your life, consider leaving them a gift after you pass away. If you decide to do this, include the charity’s full name, address, and charity number in your Will. Correct details are essential. Incorrectly recorded details mean your desired charity may not receive the gift. Learn more about leaving a gift to charity in your Will on official sites like Gov.uk’s guidance on charitable giving.
Choosing Executors for Your Estate
You must carefully choose your Will’s executors. These individuals manage your estate after you pass away. This task can be daunting and involves significant work. Therefore, you must choose someone you trust and who you know is responsible. Explore our guide on Executor Responsibilities for more details.
Methods for Drafting Your Will
You can prepare your Will in several ways.
Working with Legal Professionals
Using a lawyer, such as a solicitor, often helps you write the best Will. Consider speaking to a lawyer who specializes in Wills and probate. Ensure they are licensed with the correct professional body, for example, The Solicitors Regulation Authority.
Using Expert Will Drafters
Another option is to use professional Will writers. Remember, these individuals are not qualified solicitors; they may not be regulated. If you choose this method, ensure they are part of the Institute of Professional Will Writers.
Bank-Provided Will Services
Some banks offer Will writing services and estate advice. Contact your local branch to book an appointment and learn about their services. Be aware that these services can be quite costly.
Charitable Will Drafting Programs
Some charities offer free Will drafting services. They aim to encourage Will-making and charitable donations, though there is no obligation to donate. If you have a charity in mind, check if they offer these services.
Self-Drafting Your Last Testament
Drafting your own Will is also a possibility. However, you must ensure your document is valid. Wills are legal documents. You must sign and write them correctly. We strongly advise seeking advice before this. Read our tips on How to Make a Will Valid.
Validating Your Testamentary Document
Once you create a Will, you must ensure its validity. You must sign the Will yourself. Two other independent individuals must also witness your signature. All three of you must sign the Will while together in the room. Incorrect execution invalidates the Will. Beneficiaries, civil partners, or spouses should not act as witnesses to the Will, or they will lose their right to inheritance. Also, do not ask the executor to be a witness.
Other factors affect a Will’s validity. Consider if you have the mental capacity to draft the Will and understand its potential effects. You must draft the Will at your discretion and without pressure from anyone else.
Maintaining and Updating Your Estate Plan
You should review your Will every 5 years. Also, review it after any significant life event, such as moving house. Do not change the original document directly.
If the change you want to make is only minor, you can add a supplement known as a codicil. You must sign and witness this just as Wills require. However, it does not require the same witnesses.
If you need to make a substantial change, create a new Will. Then, cancel the prior one. For more information on modifications, see our Will Amendment Guide.
To conclude, preparing a Will is very important. It ensures all your possessions are handled as you wish. It also gives everyone a bit more peace of mind after you are gone.
Contact Us
Contact us by telephone free of charge and in complete confidence, on 020 8150 2010. You can also email us via admin@iwcprobateservices.co.uk. For a quick overview of our services, visit our Probate Services page.
